Presidential candidate Senator Manny Pacquiao on Wednesday proposed reviving the Oil Price Stabilization Fund (OPSF) to subsidize consumers amid the increase in prices of petroleum products.
"Pwedeng maglagay tayo ng funding, ilagay natin sa emergency Oil Price Stabilization Fund (OPSF) to subsidize all consumers," Pacquiao said at a media briefing in Lingayen, Pangasinan.
(We can fund the emergency Oil Price Stabilization Fund (OPSF) to subsidize consumers.)
Pacquiao added that the state-owned Philippine National Oil Company-Exploration Corporation (PNOC-EC) should import oil while prices are low to prepare the country for future oil price hikes.
"Kung may reserve tayo... 'yun ang gagamitin (If we have a reserve of oil, we will use it)," he said.
Pacquiao made the comment amid the continuous spike in petroleum prices brought about by tight global supply and the invasion of Ukraine by Russia.
Another presidential candidate, Ferdinand "Bongbong" Marcos Jr., also proposed to revive the OPSF.
Part of the funding of the OPSF came from sales of oil companies, which the government sets aside to cushion consumers during oil price spikes. The program was scrapped during the Ramos administration.
Senator Panfilo Lacson, another presidential contender, suggested a review of the law imposing a 12% value added tax (VAT) to generate funds for a subsidy program amid the spike in fuel prices.—LDF, GMA News